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| Matthieu Juery new BAT Korea CEO |
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| Tony Hayward CFO at Reynolds |
British American Tobacco (BAT) has appointed Matthieu Juery as the new head of its Korean unit, effective Sept. 1. He will replace CEO Tony Hayward, who has gone to the United States to become chief financial officer of U.S. cigarette maker Reynolds.
The Swiss national, who worked as a global brand director at BAT's London headquarters for the past three years, is already in Korea to take over the company that faces a range of challenges amid intensifying competition and falling smoking rates.
In particular, the leadership change at BAT Korea comes as it is desperate to catch up with its larger rival Philip Morris International (PMI) Korea in the booming smokeless cigarette market.
BAT will launch its smokeless cigarette "glo," today but neither Hayward nor Juery will be at the event. Instead, the head of BAT's North Asia region and researchers from the London headquarters are expected to fill the void.
PMI launched its IQOS smokeless cigarette in May, which has been well received.
"Juery has begun working with BAT Korea employees to understand the business here," a company official said. "He is also regularly talking to Hayward, who is in North Carolina, to grasp his job description and take over duties from his predecessor."
Hayward spent less than a year as BAT Korea CEO but he had to deal with an array of daunting tasks, including the firm's alleged hoarding and tax evasion following a tobacco price hike in January 2015. Lawmakers quizzed him over the controversy last September, two weeks after he assumed the post.
Over the past few months, Hayward was busy overseeing the launch of glo.
His predecessor Erik Stoel spent only five months as CEO early last year before leaving for Malaysia, where he remains.
In response to growing concerns over the possible adverse effects of frequent leadership changes, the official said Korea's second-largest foreign cigarette brand has been running business as usual, regardless of the presence of the CEO.
"We do acknowledge that there have been frequent leadership changes at BAT Korea," he said. "But the thing is, the London headquarters tend to send competent managers to Korea because it is an important market."
"Competent people get promoted when a company reshuffles its organization. So BAT Korea CEOs are the ones first chosen to assume greater roles elsewhere. This is what has happened to our two previous CEOs. We are glad that Hayward became the No.2 man at Reynolds," he said.
In July, BAT acquired Reynolds, which holds the Pall Mall, Newport and Camel brands, becoming the world's largest cigarette company. Following the merger, the company conducted a full-scale personnel reshuffle.
The official said Juery will continue to strengthen BAT Korea's capabilities as a Korea market leader and nurture it into a key hub for the global tobacco market.
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